Q2 record revenues of $133.2 million; Expects more than 30% growth in H2-26 vs. H1-26 and further growth into 2027
MIGDAL HAEMEK, Israel, Aug. 10, 2026 /PRNewswire/ — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2026.
2026 Second Quarter Financial Highlights
Record revenues of $133.2 million, a 8% YoY increase;GAAP gross margin of 50.1% and non-GAAP gross margin of 51.4%;GAAP operating income of $27.2 million and non-GAAP operating income of $36.0 million, representing operating margins of 20.4% and 25.9%, respectively; andGAAP net income of $23.3 million and non-GAAP net income of $39.4 million; GAAP diluted EPS of $0.46 and non-GAAP diluted EPS of $0.78.Completion of the acquisition of Visual Layer
Forward-Looking Expectations
Management expects continued growth in the third quarter of $158 to $160 million which represents an exceptional 20% growth quarter over quarter.
Given our strong order momentum and record backlog, management expects more than 30% growth in H2-26 vs. H1-26 followed by continued growth into 2027.
Management Comment
Rafi Amit, Camtek’s CEO commented, “I am very pleased with the second quarter results which came ahead of our expectations. Since the beginning of 2026 we have experienced a growing momentum of order intake bringing the total amount of orders received since the beginning of the year to about $600M, with deliveries scheduled for 2026 and 2027. This exceptional order intake coupled with our strong market position in the AP segment is expected to result in phenomenal growth in our AP business of 45% half over half.”
Concluded Mr. Amit, “The AI revolution is driving unprecedented demand for data centers. With AI adoption still in its early stages, we believe demand for AI compute infrastructure will continue to grow significantly. Our product development roadmap is closely aligned with the technology roadmaps of the industry leaders. Our strong customer engagement, combined with our expanding product portfolio and proven execution, gives us great confidence in our ability to deliver sustained growth in the years ahead.”
Second Quarter 2026 Financial Results
Revenues for the second quarter of 2026 were $133.2 million. This compares to second quarter 2025 revenues of $123.3 million, a year-over-year growth of 8%.
Gross profit on a GAAP basis in the quarter totaled $66.7 million (50.1% of revenues), an increase of 6% compared to $62.2 million (50.8% of revenues) in the second quarter of 2025.
Gross profit on a non-GAAP basis in the quarter totaled $68.5 million (51.4% of revenues), an increase of 7% compared to $64.0 million (51.9% of revenues) in the second quarter of 2025.
Operating income on a GAAP basis in the quarter totaled $27.2 million (20.4% of revenues), a decrease of 15% compared to $32.0 million (25.9% of revenues) in the second quarter of 2025.
Operating income on a non-GAAP basis in the quarter totaled $36.0 million (27.0% of revenues), a decrease of 4% compared to $37.4 million (30.3% of revenues) in the second quarter of 2025.
Net income on a GAAP basis in the quarter totaled $23.3 million, or $0.46 per diluted share, a decrease of 31% compared to net income of $33.7 million, or $0.69 per diluted share, in the second quarter of 2025.
Net income on a non-GAAP basis in the quarter totaled $39.4 million, or $0.78 per diluted share, an increase of 2% compared to a non-GAAP net income of $38.8 million, or $0.79 per diluted share, in the second quarter of 2025.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of June 30, 2026, were $815.8 million compared to $849.7 million as of March 31, 2026. During the second quarter, the Company generated an operating cash flow of $12.2 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on August 10, 2026, at 09:00 ET (16:00 Israel time). Rafi Amit, CEO, Moshe Eisenberg, CFO, and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate in the webinar, please register using the following link, which will provide access to the video call: https://us06web.zoom.us/webinar/register/WN_vO7fjrtzSI2vxwrecVbQNQ
For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek’s investor relations a few hours in advance of the call.
For those unable to participate, a recording will be available on Camtek’s website at http://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek’s website.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek’s systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek’s systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industries’ leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers’ requirements.
This press release is available at http://www.camtek.com
This press release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek’s current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “may,” “expect,” “estimate,” “project,” “positioned,” “strategy,” and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to our future earnings and guidance, the compound semiconductors market and our position in this market. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, risks related to the ongoing hostilities in the Middle East; the impact of disruptions to global shipment and supply chain, including but not limited to increased risk and disruption around the Strait of Hormuz, and broader impacts on energy and freight markets; the continued demand and future contribution of HBM and Chiplet applications and devices to the Company business resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; risks related to fluctuations in foreign currency exchange rates; and those other factors discussed in our Annual Report on Form 20-F as published on March 19, 2026, as well as other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; (ii) acquisition related expenses and (iii) one-time tax expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Balance Sheets (Unaudited)
(In thousands)
June 30,
December 31,
2026
2025
U.S. Dollars
Assets
Current assets
Cash and cash equivalents
215,229
177,848
Short-term deposits
327,440
411,450
Marketable securities
87,695
78,862
Trade accounts receivable, net
153,921
90,829
Inventories
99,816
112,202
Other current assets
40,318
25,804
Total current assets
924,419
896,995
Marketable securities
185,473
182,941
Long-term inventory
16,979
15,569
Deferred tax asset, net
11,661
12,933
Other assets, net
1,802
1,881
Property, plant and equipment, net
59,359
55,090
Right of use assets, net
9,968
10,017
Intangible assets, net
16,654
10,062
Goodwill
112,737
74,345
Total non-current assets
414,633
362,838
Total assets
1,339,052
1,259,833
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable
48,402
33,676
Other current liabilities
76,936
73,749
Total current liabilities
125,338
107,425
Long-term liabilities
Deferred tax liabilities, net
–
1,261
Other long-term liabilities
15,054
14,311
Convertible notes
488,497
519,833
Total long-term liabilities
503,551
535,405
Total liabilities
628,889
642,830
Commitments and contingencies
Shareholders’ equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30,
2026 and at December 31, 2025;
48,760,553 issued shares at June 30, 2026 and 47,920,509 at December 31,
2025;
46,668,177 shares outstanding at June 30, 2026 and 45,828,133 at
December 31, 2025
181
178
Additional paid-in capital
272,741
231,892
Accumulated other comprehensive income (loss)
(2,355)
287
Retained earnings
441,494
386,544
712,061
618,901
Treasury stock, at cost (2,092,376 shares as of June 30, 2026 and December
31, 2025)
(1,898)
(1,898)
Total shareholders’ equity
710,163
617,003
Total liabilities and shareholders’ equity
1,339,052
1,259,833
CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Statement of Income (unaudited)
(in thousands)
Six months ended
June 30,
Three months
ended June 30,
Year ended
December 31,
2026
2025
2026
2025
2025
U.S. dollars
U.S. dollars
U.S. dollars
Revenues
254,902
241,955
133,243
123,317
496,072
Cost of revenues
127,271
118,780
66,541
60,706
245,755
Gross profit
127,631
123,175
66,702
62,611
250,317
Operating expenses:
Research and development
31,007
21,836
16,684
11,474
48,345
Selling, general and administrative
42,131
36,665
22,791
19,163
73,769
Total operating expenses
73,138
58,501
39,475
30,637
122,114
Operating income
54,493
64,674
27,227
31,974
128,203
Financial income, net
15,126
10,375
6,977
4,942
25,064
Other expenses
–
–
–
–
(100,932)
Income before income taxes
69,619
75,049
34,204
36,916
52,335
Income tax expense
(14,669)
(7,043)
(10,899)
(3,221)
(1,613)
Net income
54,950
68,006
23,305
33,695
50,722
Earnings per share information:
Six months ended
June 30,
Three months
ended June 30,
Year ended
December 31,
2026
2025
2026
2025
2025
U.S. dollars
U.S. dollars
U.S. dollars
Basic net earnings per share (in US dollars)
1.18
1.49
0.50
0.74
1.11
Diluted net earnings per share (in US dollars)
1.09
1.39
0.46
0.69
1.04
Weighted average number of
ordinary shares outstanding:
Basic
46,496
45,622
46,643
45,682
45,703
Diluted
51,433
49,306
51,520
49,327
49,970
CAMTEK LTD. and its subsidiaries
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Six Months ended
June 30,
Three Months ended
June 30,
Year ended
December 31,
2026
2025
2026
2025
2025
U.S. dollars
U.S. dollars
U.S. dollars
Reported net income attributable to Camtek Ltd. on GAAP basis
54,950
68,006
23,305
33,695
50,722
Acquisition-related expenses (1)
4,059
1,300
3,570
650
2,801
One-time Tax expenses
7,700
–
7,700
–
–
Loss from extinguishment of Capital Notes (2)
–
–
–
–
88,682
Share-based compensation
7,995
8,203
4,873
4,493
16,819
Non-GAAP net income
74,704
77,509
39,448
38,838
159,024
Non–GAAP net income per diluted share
1.48
1.57
0.78
0.79
3.26
Gross margin on GAAP basis
50.1 %
50.9 %
50.1 %
50.8 %
50.4 %
Reported gross profit on GAAP basis
127,631
123,175
66,702
62,611
250,317
Acquisition-related expenses (1)
1,707
1,220
1,097
610
2,895
Share-based compensation
1,139
1,344
687
763
2,806
Non- GAAP gross profit
130,477
125,739
68,486
63,984
256,018
Non-GAAP gross margin
51.2 %
52.0 %
51.4 %
51.9 %
51.6 %
Reported operating income attributable to Camtek Ltd. on GAAP basis
54,493
64,674
27,227
31,974
128,203
Acquisition-related expenses (1)
4,620
1,856
3,928
928
4,000
Share-based compensation
7,995
8,203
4,873
4,493
16,819
Non-GAAP operating income
67,108
74,733
36,028
37,395
149,022
(1) During the six-month period ended June 30, 2026, the Company recorded acquisition-related expenses of $1.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) $2.6 million one-time M&A expenses recorded under G&A line item. (6) $0.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended June 30, 2026, the Company recorded acquisition-related expenses of $0.8 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) $2.6 million one-time M&A expenses recorded under G&A line item. (6) $0.4 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the six-month period ended June 30, 2025, the Company recorded acquisition-related expenses of $1.3 million, consisting of: (1) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.6 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended June 30, 2025, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the year ended December 31, 2025, the Company recorded acquisition-related expenses of $2.8 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
(2) During the year ended December 31, 2025, the Company recorded a loss of $88.7 million, consisting of: (1) $100.9 million from the extinguishment of Capital Notes recorded under the other expenses line item. (2) $12.3 million tax benefit recorded under the income tax benefit line item.
Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha’Emek 23150, ISRAEL
Tel: +972 (4) 604-8100
Fax: +972 (4) 644-0523
E-Mail: Info@camtek.com
Web site: http://www.camtek.com
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
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SOURCE Camtek Ltd.
